So in 1975, after a quick two-year stint on Wall Street after school, I started Bridgewater. Soon after, I got married and began my family.
1975年，毕业后在华尔街混迹了两年后，我成立了桥水基金公司，结了婚有了孩子。
Through this time and till now I followed the same basic approach I used as a 12-year-old caddie trying to beat the market, i.e., by1) working for what I wanted, not for what others wanted me to do; 2)coming up with the best independent opinions I could muster to move toward my goals; 3) stress - testing my opinions by having the smartest people I could find challenge them so I could find out where I was wrong; 4) being wary about overconfidence, and good at not knowing; and 5) wrestling with reality, experiencing the results of my decisions, and reflecting on what I did to produce them so that I could improve.
就在上述的这段时期里，从我是个12岁的球童开始到现在，我击败市场一直都使用的是同一套方法：1）我干我自己想做的事情，而非他人逼迫我为之；2）我把我能想到的最好的、独立的观点汇聚到一起，用以实现我的目标；3）对观点进行压力测试，把我认识最聪明的人找来帮我挑毛病，找出我观点中错误的地方。4）我不敢太过自信，但很善于面对“不知”。5）我同现实展开斗争，反思为什么会产生这种结果，从中学习与提高。
Since I started Bridgewater, I have gained a lot more experience that taught me a lot more, mostly by making mistakes and learning from them. Most importantly:
成立桥水基金公司后，我积累了更多的经验，收获更多，主要得益于犯错并从中吸取教训。最重要的经验包括：
I learned that failure is by and large due to not accepting and successfully dealing with the realities of life, and that achieving success is simply a matter of accepting and successfully dealing with all my realities.
我发现，失败主要是因为不接受或不能成功应对生活中的现实情况。实现成功其实就是简单地接受现实、应对现实。
I learned that finding out what is true, regardless of what that is, including all the stuff most people think is bad—like mistakes and personal weaknesses—is good because I can then deal with these things so that they don’t stand in my way.
我发现，无论什么事，即使是大多数人认为坏的事情，譬如错误或性格弱点，只要找出真相是什么，坏的也能变成好的。因为我会了解应对这些困难的方法，不让它们成为拦路石。
I learned that there is nothing to fear from truth. While some truths can be scary—for example, finding out that you have a deadly disease—knowing them allows us to deal with them better. Being truthful, and letting others be completely truthful, allows me and others to fully explore our thoughts and exposes us to the feedback that is essential for our learning.
我发现，真相没什么可怕的。有些真相可能令人惧怕，比方说发现自己得了绝症，不过知道这个事实会让我们更好去应对。要实事求是，也要让别人这样做，我们的思想才能被完全开发，所获得的反馈对于我们的学习才是最有用的。
I learned that being truthful was an extension of my freedom to be me. I believe that people who are one way on the inside and believe that they need to be another way outside to please others become conflicted and often lose touch with what they really think and feel. It’s difficult for them to be happy and almost impossible for them to be at their best. I know that’s true for me.
我发现，实事求是自由做自己的延伸。表里不一、取悦他人的人往往会自相矛盾，也容易丢失自己的价值观。他们不容易感到开心，更不可能展现出自己最好的一面。反正我认为我是这样的。
I learned that I want the people I deal with to say what they really believe and to listen to what others say in reply, in order to find out what is true. I learned that one of the greatest sources of problems in our society arises from people having loads of wrong theories in their heads—often theories that are critical of others—that they won’t test by speaking to the relevant people about them. Instead, they talk behind people’s backs, which leads to pervasive misinformation. I learned to hate this because I could see that making judgments about people so that they are tried and sentenced in your head, without asking them for their perspective, is both unethical and unproductive.So I learned to love real integrity (saying the same things as one believes)and to despise the lack of it.
我发现，我想打交道的人是能告诉我他们真正所想的人，我也想倾听他们的反馈，以寻求真相。导致社会问题最根本的原因是人们有太多错误的理论，都是些批评他人的理论，而人们又不会跟相关的人谈起，无法检验这些理论的真假。相反，人们却在背后闲言闲语，错误的信息漫天飞舞。我很讨厌这样，我看到过这种情况：不去问对方的观点，就把别人在脑海中私自“判刑”，妄加评论。这么做既不道德，也很无效。所以我喜欢真正的表里如一，信什么，就说什么。不诚实的人，我是嗤之以鼻的。
It is unethical because a basic principle of justice is that everyone has the right to face his accuser. And it is unproductive because it does not lead to the exploration of “Is it true?” which can lead to understanding and improvement.
这种做法之所以不道德是因为公正的基本原则便是人人都有权利与批评者对峙。而说其毫无建设性是因为它阻断了对真相的探索，无法形成理解和提高。
I do not mean that you should say everything you think, just that what you do say matches your thoughts.
我不是要你想什么就都出说来，而是只说与自己想法相匹配的内容。
The word “integrity” is from the Latin root “integer,” which means “one” i.e., that you are the same inside and out. Most people would be insulted if you told them that they don't have integrity—but how many people do you know who tell people what they really think?
英文中的正直（integrity）一词来源于拉丁语的整体（integer）一词，含有唯一性。若我说一个人不正直，大多数人都会觉得我在辱骂他，但你认识的人里，又有多少人会告诉你真实想法呢？
I learned that everyone makes mistakes and has weaknesses and that one of the most important things that differentiates people is their approach to handling them. I learned that there is an incredible beauty to mistakes, because embedded in each mistake is a puzzle, and a gem that I could get if I solved it, i.e., a principle that I could use to reduce my mistakes in the future. I learned that each mistake was probably a reflection of something that I was (or others were) doing wrong, so if I could figure out what that was, I could learn how to be more effective. I learned that wrestling with my problems, mistakes, and weaknesses was the training that strengthened me. Also, I learned that it was the pain of this wrestling that made me and those around me appreciate our successes.
我发现，人人都会犯错，都有弱点，大家的差异在于处理问题的方式。错误是极为美丽的花朵，它蕴藏着一个谜题，解开了就能获得宝石，这颗宝石就是一条原则，避免以后犯同样的错误。每条错误，都可能是自己或别人过去犯错的一种反映，如果能指出来，就能提升效率。同问题、错误和弱点展开斗争会让自己变得强大，斗争中会感到疼痛，也正是如此我们才会珍惜成功的果实。
